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Oman: FDI Increases by 23.3% in Three Months

Officials during the inauguration of the tourism development project for the village of Al-Soujara in Jebel Akhdar in the Sultanate of Oman. (Twitter)
Officials during the inauguration of the tourism development project for the village of Al-Soujara in Jebel Akhdar in the Sultanate of Oman. (Twitter)
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Oman: FDI Increases by 23.3% in Three Months

Officials during the inauguration of the tourism development project for the village of Al-Soujara in Jebel Akhdar in the Sultanate of Oman. (Twitter)
Officials during the inauguration of the tourism development project for the village of Al-Soujara in Jebel Akhdar in the Sultanate of Oman. (Twitter)

The volume of foreign direct investments in Oman increased by 23.3 percent to reach OMR 21.27 billion ($55.72 billion) by the end of the first quarter, compared to OMR 17.25 billion in the first quarter of 2022.

According to preliminary data issued by the National Center for Statistics and Information, the oil and gas extraction activities sector acquired the largest volume of foreign direct investment until the end of the first quarter of 2023, with a value of 15.835 billion rials.

Total assets at Oman’s sovereign wealth fund, the Oman Investment Authority, reached 17.9 billion rials ($46.61 billion) in 2022, the fund said in its annual report on Wednesday.

The OIA said its return-on-investment last year was 8.8 percent, and it added that it has contributed more than 5 billion rials to the finance ministry in dividends to support the general budget.

Among its major assets, the OIA wholly owns Oman's main energy holding company OQ, created to centralize the state's oil and gas investments.

OQ’s 2022 revenue was up 68 percent on the previous year, leading to a 100 percent increase in net profit last year, the fund wrote in the report, without providing further financial details.

The OIA said in December it aimed to spend 1.9 billion rials on investment projects in 2023. It has recently partnered with Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, to jointly invest in Oman’s economy.

It also signed an MoU with the aim to expand and explore cooperation and investment opportunities by allocating $5 billion for potential Saudi investments in Oman.

Saudi Arabia has intensified its investments in Oman to express support to the Sultanate as it recovers from the COVID-19 pandemic and seeks to develop non-oil sectors.

In October, the Public Investment Fund established five regional investment companies with targeted investments of $24 billion as part of a strategy to grow its Assets Under Management and diversify the Kingdom’s revenue sources.

Separately, the final work procedure of the Duqm Refinery and Petrochemical Industries Project in the Special Economic Zone at Duqm continues to progress, with the construction work rate exceeding 98 percent.

In addition, the refinery's soft operations progress has reached more than 65 percent, said Oman News Agency on Twitter.

The trial operations also included the export of the first shipments of naphtha through the storage and export berth in the port of Duqm.

Naphtha is one of the main products of the refinery for global markets, which paves the way for the start of exporting other products, such as diesel, aviation fuel, liquefied petroleum gas, and other energy products to regional and global markets.

It is a joint project between Oman and Kuwait. The venture is one of the largest investment projects in the refinery and petrochemical sector between the two Gulf countries.

It will contribute to increasing the refining capacity of the Sultanate by 230,000 barrels per day.

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Saudi Arabia Completes 90% of Arabian Shield Survey

Drilling and excavation work at a site in the Arabian Shield region, Saudi Arabia (SPA)
Drilling and excavation work at a site in the Arabian Shield region, Saudi Arabia (SPA)
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Saudi Arabia Completes 90% of Arabian Shield Survey

Drilling and excavation work at a site in the Arabian Shield region, Saudi Arabia (SPA)
Drilling and excavation work at a site in the Arabian Shield region, Saudi Arabia (SPA)

Saudi Arabia is advancing its exploration of mineral resources in the Arabian Shield, a region covering 630,000 square kilometers, about a third of the country.

The Kingdom has completed 90% of the survey and released geological data covering 400,000 square kilometers, or 65% of the total survey area.

Speaking to Asharq Al-Awsat, CEO of the Saudi Geological Survey Abdullah Al-Shamrani affirmed that this aims to attract investment in the mining sector.

The Arabian Shield is crucial for Saudi Arabia, as it contains key metallic minerals such as silver, gold, zinc, and copper.

The Arabian Shield runs along the Red Sea coast and the Gulf of Aqaba, from northern Jordan to the Saudi-Yemeni border. It covers regions such as Tabuk, Madinah, Makkah, Al-Baha, Asir, and Jazan, spanning 630,000 square kilometers, or about one-third of Saudi Arabia's land.

The geological survey in this area plays a key role in developing the sector, providing accurate data to attract both local and international investments.

This supports economic growth and helps diversify income sources in line with Saudi Arabia's Vision 2030.

In a statement to Asharq Al-Awsat at the fourth edition of the world’s leading platform on minerals, the Future Minerals Forum (FMF), Al-Shamrani revealed that a new batch of geological data covering 65% of the geophysical survey in the Arabian Shield was released.

This move opens up new opportunities for mining investors.

The project started in 2021, when the survey began collecting and analyzing data on the mineral wealth in the Arabian Shield.

After nine months of work, the database now covers 400,000 square kilometers, providing detailed information to guide investment decisions in mineral exploration, according to Al-Shamrani.

These data are not just technical but are driving increased demand for mining licenses, highlighting the value of accurate information in attracting investment.

Thanks to digital tools, investors worldwide can easily access this data, supporting investment in promising mining projects. With each new update, Saudi Arabia gets closer to completing the full survey of the Arabian Shield.

Al-Shamrani explained that the data includes interconnected layers of geophysical and geochemical information, such as analysis and drilling results. Each new update provides valuable insights for investors, helping them make data-driven decisions.

He also expected that the remaining data sets would be released soon, completing all work in the Arabian Shield.

Mustafa Maki, head of the National Geological Database Initiative at the Saudi Geological Survey, told Asharq Al-Awsat that the new coverage of the airborne geophysical survey includes magnetic and radiometric data, showing a 5% increase over previous periods.

Forty-three new squares have been added, bringing the total to 164 out of 252.

The data is now being processed and will soon be available to investors and visitors through the Saudi Geological Database.

The Saudi Geological Survey has launched new coverage for the surface geochemical survey of valley sediments, adding maps showing the distribution of individual elements and their statistical data.

This expansion covers an additional 20% of the previous area, bringing the total to 10 out of 50 geological squares.

The survey includes data on 57 out of 75 chemical elements, mapped to show their distribution in the squares. Statistical information on these elements has also been released, according to Maki.

Maki emphasized that geological data is crucial for the mining industry worldwide. Investors rely on this data to decide whether to proceed with investments or detailed exploration.

He added that the data from the Saudi Geological Survey, including geophysical and geochemical surveys, provides a strong knowledge base for investors.

This, along with technical reports and other geological data, helps investors make informed decisions about mining and exploration in the Arabian Shield.

Rana Zamai, Chair of the Women’s Empowerment Committee in Mining at the Ministry of Industry and Mineral Resources, confirmed to Asharq Al-Awsat that all necessary requirements for establishing the Women in Mining Association have been completed.

The association is expected to be launched on the upcoming International Women's Day.

Zamai highlighted that a special networking event was held at the FMF, bringing together women from the public and private sectors in mining from 80 countries.

The event was attended by five female leaders from major women’s mining organizations, representing countries like the UK, South Africa, Australia, and Türkiye.

She also pointed out that a key highlight this year was the participation of 25 geology students from King Abdulaziz University, the first group of its kind in Saudi Arabia. The students are expected to graduate in three to four years.